Junior explorer Rafaella Resources looks like it’s back on track with plans to list on the ASX.

The company has now lodged a second replacement prospectus with the Australian Securities and Investments Commission extending the date of its planned to debut to July 12.

Rafaella was previously aiming to light up the boards of the Australian bourse in early April.

The company is targeting $5 million from its initial public offering of 25 million shares at 20c each. Rafaella will have a market value of $7.6 million post-listing.

Rafaella holds a right to acquire the McCleery cobalt and copper project in the Yukon Territory, Canada and is acquiring the Sandstone gold project in Western Australia.

While Sandstone will be the immediate priority for the company because of access, cobalt and copper will be a key focus for Rafaella.

The cash raised in the IPO will be used to complete the acquisitions of the McCleery and Sandstone projects and undertake initial exploration programs.

IPO on hold

Meanwhile, gold explorer Awati Resources has informed would-be investors that it is postponing its ASX debut.

“The company’s directors have made this decision due to the recent weakness in equity markets,” chairman Andrew Bantock said.

Awati is exploring the Tibooburra area in the Albert goldfield of NSW.

The company — which has been privately held for more than a decade — decided to go public because it believes it has pinpointed the source of gold on its NSW landholding.

“On the back of that we had what we believed was a really good story and we wanted to put some more money in the ground and prove it out,” executive director Robert Hodby told Stockhead at the time Awati launched its prospectus.

The company was hoping to raise between $4.5 million and $5.5 million in its IPO and list on the ASX in mid-May.

“Awati intends to revisit an Australian Securities Exchange (ASX) listing through an IPO when market conditions improve,” Mr Bantock said.